Big Hit Entertainment has just announced a restructuring of its chief management, shifting to a new form of a co-CEO structure with Bang Si-Hyuk as Chairman and CEO, Lenzo Yoon as Global CEO (CEO, Global & Business) and Jiwon Park as HQ CEO (CEO, HQ & Management.) Currently one of the leading music labels in South Korea, Big Hit is the company behind Korean pop mega stars BTS.

According to a press release from Big Hit, the Chief Management reform is “aimed to make Big Hit a world-leading entertainment company by building on its current success. The changes represent the first step in proactively transforming the internal and external environments of the entertainment industry with its ever-growing complexity as well as to emphasize a management system based on the highest standard of accountability.”

Previously co-CEO with Yoon, Big Hit founder Bang will proceed as Chairman and CEO, overseeing the company’s core business and continuing to oversee music production and overall creative of Big Hit’s multi-labels.

Jiwon Park–previously CEO at major video game publisher Nexon in Japan–is a new addition to the company and will lead Big Hit’s domestic organization in South Korea with a focus on “stabilizing and advancing the rapidly growing company.” Big Hit further explained that Park will have a “central role in the systematic management for sustainable corporate operations to reinforce the company’s internal capacity and innovate the organization.”

The biggest change comes with Global CEO Lenzo Yoon, who will from now on be responsible for developing and implementing strategies targeting and expanding the global market–mainly in North America and Japan. Big Hit recently founded ‘Big Hit America’ in the the U.S. to help them achieve their goal of establishing a solid foot in the market. Yoon will be based in the company’s American office and will lead Big Hit’s global business by “partnering with top-tier corporates and utilizing an active localization strategy.”

Conversations around Big Hit Entertainment possibly going from private corporation to public via an IPO this year are ever-growing. Earlier this year in March the the company publicized its earnings for the first time since its establishment, revealing a revenue of r $494.6 million and with profits of $82 million–a number higher than the sum of the profits of its main competitors. With the spread of the coronavirus causing the indefinite postponement of BTS’ massive Map of the Soul Tour and possible activities for TXT and GFriend, it’s possible the company might suspend their reported plans for going public in 2020.